Charlotte, NC (April 3, 2012) – IMAF – Charlotte, part of the Inception Micro Angel Fund Family of Funds designed to capitalize on entrepreneurial growth activity and venture financing throughout the state of North Carolina and in selective areas of Virginia, South Carolina, Georgia and Tennessee, is pleased to announce the funding of another locally based startup, Virtual Race Bags (VRB). IMAF – Charlotte acted as the lead investor on the Series A round of VRB successfully bringing the round to a close. VRB, led by venture entrepreneur and CEO, Gary Schwake, is a leading endurance race promotion company. Currently, the VRB platform has supported over 180 events that have reached over 500,000 participants throughout the U.S. Gary commented  ‘we…thank you…. for such a smooth, efficient process”.  IMAF – Charlotte Fund Director, Dan Gotte, is happy to add VRB to their portfolio, commenting that the interest in VRB was due to the their strong management team and ability to properly execute their vision.

IMAF – Charlotte seeks to involve a base of successful investors and entrepreneurs throughout the greater Charlotte – Kannapolis – Research Park, area in a seed fund. The fund will seek to enhance the wealth creation of its members by investing dollars as well as time and relationships in early stage, high quality, and high growth companies in the defined area and other geographic areas if appropriate in order that those companies achieve success. For more information on IMAF – Charlotte please go to www.imafcharlotte.com.

Gary Schwake along with founder Chris Bradle launched Charlotte based VRB in 2010. VRB offers endurance events (running, triathlon, etc.) an integrated, semi-custom, online platform that enables event organizers and promoters, a platform to efficiently deliver messages, ads, offers, and other promotions from sponsors and advertisers to event participants. For more information on VRB please see www.virtualracebags.com.

For more information please contact:

Dan Gotte, Executive Fund Director, IMAF – Charlotte

dan@imafcharlotte.com

 980-329-8014